Investment Objective The investment seeks to provide as high a level of current income- exempt from federal income taxes- as is consistent with liquidity and stability of principal.
The fund normally invests at least 80% of assets in municipal securities whose interest is exempt from federal income tax. Normally it will not invest in municipal securities whose interest is subject to the federal alternative minimum tax. The fund will potentially invest up to 20% of assets in securities subject to state and/or federal income tax and invest more than 25% of total assets in municipal securities that finance similar types of projects.